SOLUTION: I borrowed 5,300 from a friend and paid back 7,100 in 14 months. How much simple interest rate was I paying?

SOLUTION: I borrowed 5,300 from a friend and paid back 7,100 in 14 months. How much simple interest rate was I paying?

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Question 949375: I borrowed 5,300 from a friend and paid back 7,100 in 14 months. How much simple interest rate was I paying?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
7100-5300=1800
I=Prt
1800=5300*1 1/6*r
1800/6183=r
r=0.29=29%
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